senate Bill S898

Signed By Governor
2021-2022 Legislative Session

Exempts certain commercial financing transactions from certain disclosure requirements

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (11)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 16, 2021 signed chap.61
Feb 12, 2021 delivered to governor
Feb 10, 2021 returned to senate
passed assembly
Jan 25, 2021 ordered to third reading cal.14
substituted for a979
Jan 19, 2021 referred to banks
delivered to assembly
passed senate
Jan 11, 2021 ordered to third reading cal.51
Jan 06, 2021 referred to rules

S898 (ACTIVE) - Details

See Assembly Version of this Bill:
A979
Law Section:
Financial Services Law
Laws Affected:
Amd §§802, 803, 804, 805, 806, 807 & 812, Fin Serv L; amd §2, Chap of 2020 (as proposed in S.5470-B & A.10118-A)

S898 (ACTIVE) - Summary

Exempts certain commercial financing transactions from certain disclosure requirements.

S898 (ACTIVE) - Sponsor Memo

S898 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    898
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sen.  THOMAS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the financial services law,  in  relation  to  exempting
   certain  commercial  financing  transactions  from  certain disclosure
   requirements; and to amend a chapter of the laws of 2020 amending  the
   financial  services  law  relating to requiring certain providers that
   extend specific terms  of  commercial  financing  to  a  recipient  to
   disclose  certain  information  about  the  offer to the recipient, as
   proposed in legislative  bills  numbers  S.5470-B  and  A.10118-A,  in
   relation to the effectiveness thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Sections 802, 803, 804, 805, 806, 807 and 812 of the finan-
 cial services law, as added by a chapter of the laws  of  2020  amending
 the  financial services law relating to requiring certain providers that
 extend specific terms of commercial financing to a recipient to disclose
 certain information about the offer to the  recipient,  as  proposed  in
 legislative bills numbers S.5470-B and A.10118-A, are amended to read as
 follows:
   §  802.  Exemptions.  This  article  shall not apply to, and shall not
 place any additional  requirements  or  obligations  upon,  any  of  the
 following:
   (a) a financial institution;
   (b) a person acting in its capacity as a technology services provider,
 such  as licensing software and providing support services, to an entity
 exempt under this section for use as part of the exempt entity's commer-
 cial financing  program,  provided  such  person  has  no  interest,  or
 arrangement  or  agreement  to  purchase  any interest in the commercial
 financing extended by the exempt entity in connection with such program;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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